Out of State investor investing in Indianapolis IN

[Luis Moreno]

Hi BP members,

After learning about the BRRRR on bigger pockets I reached out to an investor friendly lender I was referred to and asked him if he had any loans geared towards investors? He said he did have a line of credit that would fully fund the property purchase and construction cost and I would just need to fund 10 percent of that amount. I would also need $50K in reserves and show proof that I either bought or sold 3 properties in my business. Then my lender would be able to refinance the property in three months as long as I had a tenant in place for one month.

All I needed was to come up with $50K, so I spoke to my wife about selling one of the first rentals we bought since the markets went up and we owed so little on it. We decided to call a ton of contractors until we found David who works strictly with inventores like myself. He completed the walk through and had a line by line itemised excel sheet with the quote sent to me in 2 days. A bonus to using David's company was that we didn't have to pay anything upfront until the entire project was completed and to our satisfaction. We were told it would take 4 weeks to complete and the crew could start within 24 hours of signing the contract. Three weeks later the entire project was completed and ready for the pictures to be taken. Our Agent is working on posting the property on the MLS right now. We had new windows installed, kitchen and bathroom gutted and put together, floors re-done, paint throughout, and landscape completed. If the house sells for our asking price of 120K then we will make a $55K profit. As soon as that profit hits our account we will be ready to get the line of credit and start buying wholesale deals to BRRRR. With the speed of our new contractor I believe we can complete the renovation under a month, get a property rented and then refinance under 4 months. I'll start posting before and after pics of the BRRRR properties I buy.

If there are any out of state investor’s that need boots on the ground or just connections to get their portfolio started feel free to reach out to me with a private message and I’ll help out.